Fluxys and Snam to become the sole shareholders in Interconnector UK
Through the jointly owned companies Gasbridge 1 BV and Gasbridge 2 BV, Fluxys and Snam have decided to exercise their proportional pre-emption right on the CDPQ stake. The transaction enables CDPQ to converge the management of its stake in Interconnector UK into its 20% partnership in Fluxys. The transaction value amounts to approximately 75 million GBP.
Once the share transfer is completed, Fluxys and Snam, with a 76.32% and a 23.68% stake respectively, will be the sole ultimate shareholders in Interconnector UK, confirming their full support to moving the company into the next stage of its development.
As the initial long-term capacity contracts for the Interconnector pipeline are set to expire in October 2018, the company is preparing for a new market environment in which short-term contracting and commercial flexibility take center stage.